Bitwise Investment Advisers has taken a significant step in the cryptocurrency market with the filing of a proposal for an exchange-traded fund (ETF) that would track the performance of Hyperliquid’s native token, HYPE. The ETF is dubbed the Bitwise Hyperliquid ETF, and it was filed with the U.S. Securities and Exchange Commission (SEC) through an S-1 filing, the first-ever proposal of its kind to give exposure to HYPE, a token in the decentralized finance (DeFi) ecosystem.